These are the key facts that the Financial Conduct Authority (FCA) has asked us to bring to your attention. These are NOT the full terms and conditions. These are detailed in the Policy Wording.
This summary does not form part of your insurance contract.
Name of Insurer:
As stated on your conformation of cover document
Type of Insurance and Cover:
This is an accidental damage policy designed to cover your bike in the event you have an accident on the circuit or another participant causes damage to your bike. Trackday insurance is a limited cover and does not follow all of the conditions of standard motor insurance.
Significant Features and Benefits (what is covered) - See also "DEFINITIONS":
• External accident damage (i.e. impact) to the bike only whilst engaged in the specified track day activity.
• Fire damage but only if directly following an accident (i.e. impact).
• The costs of repairing the bike or, if insurers decide, pay you or the legal owner (should the bike be subject to hire purchase or lease) an amount in full settlement. Any amount paid cannot be more than the bike's market value at the time of the accident and all claims are subject to an excess/deductible as shown on the Trackday Insurance details. Where the bike is insured for the full market value, in the event the claim is settled as a total loss the insurers have the right to decide to keep the salvage. Insurers can choose either of these alternatives.
Significant and Unusual Exclusions / Limitations - See also "DEFINITIONS":
• Internal damage to the engine or to the gearbox or transmission.
• Mechanical, electrical or computer breakdown, howsoever caused.
• Liability to other participants, to any third parties or to passengers or any property damage.
• Competitive riding, (in other words, whilst racing or on timed runs or trials).
• Consumable items such as tyres, oils, linings etc.
• Extra costs involved in repairing specialised paintwork and logos unless specifically agreed.
• Shipping / Transportation / Recovery costs.
Duration of Contract:
Trackday Insurance is provided on a "daily" basis or on a specified number of days. These are short term policies. You can make repeat purchases but policies are never "renewed" in the conventional sense of an annual 12 month policy of insurance.
Review Your Requirements:
We always recommend that you review your personal circumstances periodically to make sure this insurance is still suitable for you.
Cancellation Rights (Cooling Off Period):
Trackday Policies may be cancelled any time after purchase and before the stated inception date of the policy and a FULL refund will be provided. If the trackday is cancelled or you are unable to attend the stated trackday we will refund the premium to you in FULL providing we are notified before the inception date of the policy. The instant you take to the track the insurers consider that the premium is deemed "fully earned" and no refunds or policy cancellations can be accepted.
How to Claim:
Claims notifications should be made on-line within 48 hours of the accident. Click on "Claims" of the MORIS homepage. Please follow the guidelines outlined in "Instructions" or "Procedure".Should you need to speak to someone please call us on 020 3427 5960. Our office hours are Monday - Friday 9.00am to 5.30pm (excluding bank holidays). Further details of claims procedure can be found within your policy and on the "Claims" link on the moris website where the role of a loss adjuster is also explained.
Lloyd's insurers are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the Scheme if a Lloyd's insurer is unable to meet it's obligations to you under this contract. If you are entitled to compensation under the Scheme, the level and extent of compensation would depend on the nature of the contract. Further information can be obtained from the Financial Services Compensation Scheme (10th Floor, Beaufort House, 15 Boltoph St London EC3A 7QU 0800 678 1100 or 0207 741 4100 and on their website at www.fscs.org.uk
Total Loss Only Cover: When damage to structural components (not the "pretty bits" - see below) means that the cost of repairs or replacement would exceed the market value of the bike. This would result in the bike being written off and the insured would be paid the market value of the bike less the policy excess.
Ground Up Cover: The cost of repairs or replacement of structural components (again, not the "pretty bits" - see below) is covered, up to the point that insurers decide that the bike is uneconomical to repair when the bike will be written off and the market value paid less the excess, as above.
Structural Components: Think of what is called a "naked bike". Every component is necessary - the mirrors, handlebars, levers, speedo&tach , footrests, exhaust and silencers, forks&suspension, steering yokes, frames&subframes, wheels and all associated components, discs & calipers, master cylinders, tank, tail-lamps etc. Otherwise they are:
Pretty Bits: (Bodywork & Fairings): Top fairings, cowlings, seat cowls & fairings, side panels, infills, windshields and fairing screens, belly pans, air ducts, inspection panels, undertrays, huggers and any other components that could be described as such.